Mortgage Woes Weigh on Bank of America

Bank of America(BAC_)'s fourth quarter earnings were dominated by costs from mortgage disputes, as the sheer weight of the problem made it difficult to assess the strength of the bank's ongoing businesses.

Analysts had been expecting a $3 billion charge due to a settlement with government sponsored entities (GSEs) Fannie Mae (FNMA.OB)and Freddie Mac(FMCC.OB) over mortgage "putbacks," and a $2 billion "goodwill impairment charge" related to Bank of America's mortgage business, both of which were previously announced by the bank.

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- Posted: 2011-01-21 11:19:11

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